Contents From The Editor 3
A Smile Deadlier Than Missiles 4
Richey Beckett
5
When YouTube Became More Than Just Videos 7
Queen Of Prêt - Anita Dongre 8
Indian Entreprise And Difficulties to India’s Development
11
Going After A Trend Setting Business Idea? How To Get It Right
16
Review Sense 18
Crowdsourcing: A Changing Way To Meet The Dynamic Times
20
Entrepreneurship: The hegemonic way of life 23
Mark Hughes - “Changing people’s life” 25
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FROM THE EDITOR
Editorial Team
One of the great and transformative things about being or aspiring to be an entrepreneur is that you define a moment, an age or sometimes an epoch. Entrepreneurs have launched Ideas, Visions and philosophies that have changed the way we approach everything, right from politics to economics to business strategy.
Omkar Tawade
The vision and grassroots efforts of entrepreneurs like you are changing the way we think and behave as a society--not only in the context of commerce, but, perhaps more important, within the context of communities.
Budhaditya Mukherjee
It’s a constant challenge to define what makes an entrepreneur, an equation that is more art than science. Our writers this time around question themselves with this thought throughout. And finally end up answering their own question, that an Entrepreneur is a person who provides the missing link between a perceived need and it’s shortage. Think about the word entrepreneur. It is no longer caged to business schools and business Theories. It has evolved into something much more meaningful and expansive. The essence is in how we approach things. We intend to create value and with the launch of 2nd edition of our well-crafted magazine, we intend to continue the legacy which we have so passionately and spontaneously protected over the years with magazine issues bettering the previous versions each and every time! This time around we are blessed to share articles written by our junior and also the senior team, which ensures the unmitigated balance of youth and experience. The articles range from various streams like Indian entrepreneur and difficulties to India’s development and Indian enterprise , The story of Anita Dongre, Entrepreneurship-The Hegemonic way, Going after a trend , Story of Mark Hughes, Richey Beckett , When YouTube became less than videos , Rage is all the rage and Crowdsourcing ! A new dawn has arrived. With such a wide variety of articles ranging from different parameters and boundaries one can surely grasp how big a field of entrepreneurship is! So, Sit back and enjoy the wider horizon of Entrepreneurship, for it is this vision which is going to help you launch your dream and enable you to become the entrepreneurial celebrity which you once contemplated to become. This moment in history is yours. Own it and make it large!
Crystal D’Souza
Karthik Jairam Harshvardhan Singh Ashay Deshpande Mehak Narula Siddharth Dangi Vaibhav Gupta Krati Shrivas
Creative Team Arunbalakrishnan Rahul Bongoni Subin Domini Manikanta Gudipati
Omkar Tawade Editor in Chief L’ENTREPRENEUR - IBS, Hyd 3
A smile deadlier than missiles Karthik Jairam, poc
T here are very few moments in life when
we spike euphoria. On such days, we tend to appreciate everything around us – senses, people, nature and pretty much everything in the vicinity. We start appreciating the things we usually never even noticed. Everything seems appealing, one feels grateful for everything he has, everything he has done and everything he wishes to do. It’s quite amazing to see President Kalam doing just that every day. He was always seen with parted hair, wearing simple clothes and an evergreen child-like smile. His demeanor could disarm the mightiest of enemies. Kalam was an extraordinary human being and an inspiring leader. He touched lives of everyone he worked with. It is said while sphere heading the Agni technology testing, he used to carry a resignation letter everywhere he went. He decided that if anything were to go wrong, he would step down and take responsibility. He would stay awake all 4 • L’ENTREPRENEUR - IBS, Hyd
night and be at the field monitoring everything. There aren’t many leaders like that. He would give an opportunity to everyone with a smile no matter where they were in the pecking order. Kalam scripted the glorious chapter of the 1998 nuclear tests. Today, India’s strategic missile programme is a testament to Kalam’s genius. For all of us, there is a very good lesson we could learn from his life. Do good karma, follow your passion and get nominated for President. A scientist par excellence, a wise mentor and a reluctant politician – a truly rare breed. Kalam came off more of a teacher than a President. His passion to share knowledge was Kalam’s hallmark. He loved teaching students and always used to find time for a lecture in schools and colleges even during official visits. Kalam loved people and went out of his way to help anyone who was in need. When he realized that the government took care presidents and former presidents, he gave away all his life savings and belongings. He won millions of hearts around the country. In his free time, Kalam would play the veena, tender to plants and teach children. Kalam could recite an ayah from the Holy Quran and follow it with a verse from the Bhagwat Gita. In spite of his busy schedule,Kalam even found time to relentlessly author about 20 books. Age couldn’t catch up to him. Even death had to stalk him to his workplace, for Kalam was never found resting. His innocent smile will be missed beyond words.
Richey Beckett Harshvardhan singh Solanki all and many more. Yes,exemplified and that too using the simplest way possible which is merely pen and paper. Richey Beckett, a UK based illustrator is a master when it comes to pen and ink. These two are the only weapons he uses to demonstrategrand tales and sagas. To put it in a very simple way, Richey has taken art to a very different level.
W hen people see the word entrepreneur
these days, the most common thought is of an e-commerce website, a rental car or taxi start up or something other but usual. But has anyone asked these entrepreneurs if they are doing what they loved the most? If they breathe and live out of the only thing they cherish the most? There would be a handful of them who would answer yes to this question. Allow me to throw some light on this man, who practically lives and breathes in and out his passion. And that passion is art, the most traditional form of art i.e. simply using pen, ink and paper. Be it Lord Of the Rings or Martin’s Game of thrones, Metallica or Sick of it all, Army of darkness or Mastadon, he’s done it all. Or I shall specifically say, illustrated for
Richey is one of those fine entrepreneurs who have successfully used their talent to create an income source. But it is a lot more than that. Art is what he loves. Not many of us get a chance to do what we love for a living. The intricate illustrations and the depth in which he portrays is beyond our modern world. An organic feast to get lost in. He deals with record covers for music albums, movie posters and covers, sitcom illustrations and pieces of art work. Some of his clients are Metallica, Grateful Dead, Mastodon, Converge, Kvelertak, Baroness, Unearth, Trash Talk, New Found Glory, Sick Of It All, Mondo (Game Of Thrones/Lord Of The Rings/ Army Of Darkness), All City Media (It Follows), Hero Complex Gallery/ AMC (The Walking Dead), Silva Screen Records (The Wicker Man), New Republic L’ENTREPRENEUR - IBS, Hyd 5
Magazine, The British Film Institute. As an illustrator, Richey has expanded his horizons by not just limiting himself to paper but also on T-shirts, hoodies, mugs, posters, prints and embroidered patches. This helps him in widening the scope of income and also promoting his art work which is the major source of revenue.
His drawings are inspired from the events in Bible, legends and wars. They have their own soul and a meaning attached with it. Richey and his kind have a particular market for their art and art products. All of his works are in Black and white and are later sent to professionals for screen printing or colouring. As most of his work is for record covers which are printed on very tiny dimensions of 12X12 cm, the original artwork stands out to be thrice of the marketed one.
His Illustrations appear to be pulled out from ancient earth and are impeccably crafted. His art has accomplished something which a great When it comes to art needs to. In work, he opertoday’s world ates from his of Photoshop studio, inside his and Illustrator, home. Spending where an artist most of the time can undo and staring and lookredo anything ing at things, as many times, reading and lisRichey uses the tening, he comes old school methup with some od of ink and extravagant idea paper. Once he and puts it on draws a line, paper. The inthen there is depth detailing nothing that he of every minute can do about it. It is the same risk and abil- aspect is one of his USP. ity that makes his illustrations unique and exquisite. Its mix of planned and spontane- The only idea, or pretty much the only ous process. thing that serves justice to this genre of entrepreneurship is the idea of becoming Richey in a way, has typically inherited a total outlaw or a complete disregard to this ability from his father, who also was the conventional education system. Yes, an excellent artist. He then learned the following something which you love is a cross hatch, the light effect and the shad- difficult task, but that’s what transforms a ing from a very tender age. One of the nobody into somebody. key factor in his illustrations are that they are simply organic and one will not find a skyscraper or a toaster in between. It’s about an instinct of how somethings have to appear. While growing up, Richey Beckett always thought that being an illustrator is about someone who illustrates books, journals, magazines and newspapers. But later on heinclined towards the record covers and in which he thinks there’s allot to learn.
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When YouTube became more than just videos ashay deshpande Panda Sneeze’ video uploaded on November 2006 has attained 217,946,380 views today.
Do you have your own channel registered
on YouTube? If yes, then how are you making use of it? And if no, then presently it is recommended for you to sign up and create a channel on the site. The implication ofthe latter advice is with the fact that you never know if just a trivial video of yours can earn you an unforeseen prosperity! For instance the video ‘Laughing Baby’ uploaded in August 2006 by channel spacelord72, today has over 10 million views. And the respective video is nothing but a baby laughing on the sound of the word ‘ping’; or to know more, the ‘Baby
So the first element to discuss here is that, does ANYTHING sell on YouTube? The statistics of the nature of the videos might provide YES as an answer but frankly, the answer is NO. You simply cannot become a millionaire over some random upload. It is because every single video attributes to a specific target audience. The above mentioned two videos are catered to those who love cute things and practically speaking, who doesn’t? Thereby, such uploads attract a huge audience. And there are many such categories of target groups which comprise of vast number of viewers. Another example being the people who have a high regard for phenomenal sights and that is why the video ‘747 Landing in Saint Martin’ got over 50 million views – since who wouldn’t want to see such an extraordinary plane landing? Even though virtually. Now these videos weren’t shot with the intension of receiving millions of views or to sub-
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sequently earn via advertisements; all these features came supplementary. In fact, no one knew the potential of YouTube views in its initial stage and the monetizing ads weren’t even in the elemental chart. YouTube was launched in February 2005 and it began its Partner Program, a system based on AdSensewhich allows the uploader of the video to share the revenue produced by advertising on the sitein May 2007. The format here is that YouTube itself grabs 45% of the advertising revenues with the remaining 55% going to the uploader. So how does one actually earn via this platform? The following guidelines do not belong to the pre-established entities that are now grossing some additional income by creating their brand’s channel but for the ones who are planning to step in from ground zero. The primary component to consider is the domain. Let’s say you have diversified expertise in gaming; so then you can in fact create a channel wherein you provide optimum approaches to win the corresponding games commendably. Fashion is infinite and if so is your knowledge,then you can capitalize on exhibiting fashion tips. Likewise, one can exploit domains such as tech, music, art, comedy, adventure, science and many more. Once you know that you have successfully grabbed the attention of your target audience and are equally fruitful in sustaining the numbers or growing them, and then next step would be to ‘monetize your videos’. You can monetize a video during the upload by clicking the Monetization tab and reading through the “Monetize with Ads” box.To monetize a video post the upload, open your Video Manager and click the “$” sign next to the video that you want to monetize and successively again check the “Monetize with Ads” box. Subsequently, you can setup google AdSense in order to make money over ad clicks. And how do you receive this money? Simple, just possess a PayPal or a bank account along with a valid email address and AdSense
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will transfer the credit accordingly. Remember that if you wish to perform better every following time, you must always examine the analytics of your channel. Have your views gone up? Has the estimated minutes watched statistics dropped from last week? What is the engagement rate? The number of subscribers have increased or decreased? With the help of these features, you can perceive how your content is resonating with your viewers. In this manner, you can modify or completely alter your marketing strategies if you find that the target audience isn’t snowballing. Lastly, one must make a note of cross promotion. You cannot raise awareness about your channel only via YouTube; it has to be promoted elsewhere on the digital platform. The current general tendency is to create a corresponding Facebook page wherein you can put up the links of your videos and in that way attracting a larger audience. In this manner itself, prominent YouTube channels like ‘The week that wasn’t’ by Cyrus Brocha, ‘All India Bakchod’ by the Tanmay Bhat & Gursimran Khamba, TVF by Anurabh Kumar and Pretentious movie reviews by Kanan Gill have managed to conquer the market share of YouTube in India. To encapsulate it all, entrepreneurship has made its way to more than just products & services and proved the web and digital age to be the future. YouTube, a platform which was initiated just to showcase videos is today providing several creative entrepreneurs their source of livelihood. Consequently, YouTube is no more just about the videos.
QUEEN OF PRêT - ANITA DONGRE Krati shrivas WOMEN ENTERPRENEUR
A fter supplying Indian wear for more
than 12 years to the high street shops in Mumbai, a shop keeper told the lady, ”isse kaun khareedega MADAM!”. These strident words gave India a successful women entrepreneur ANITA DONGRE. Anita was born on 3 october1963 in Mumbai. She aspired to be in the industry since her childhood, a B.com graduate from Narsee Monjee College of Commerce, Mumbai who learned designing and graduated from SNOT, Mumbai.
Anita wanted to be a designer, but faced a lot of resistance from her parents. After some time her determination changed her father’s attitude and she started from a small balcony in her bedroom. She initially supplied to high street shops, but then she travelled the world to get a grip with fashion and saw a major change in fashion trend. She saw that the women now wanted light weight clothes and of light colours. Her strong observational skills made her realise that the women fashion trend across the globe is moving towards linen dresses. She convinced a boutique (slaks) to sell her dresses. 9 out of 12 dresses were sold only in 2 days’ time and the boutique demanded more and more dresses, proving Anita right. But later on, the demand for these dresses reduced and the boutique rejected her designs. She knew it was the right time to build a start-up! As she says “The boutique didn’t have the vision; I could L’ENTREPRENEUR - IBS, Hyd 9
see things changing around me”. And then she started her own start-up and then she worked like a dream. She started with a store in crossroads, Mumbai “AND STORE”, and then success was waiting for her. She then launched Global Desi (the ethnic counterpart of AND) and even sold her work under Anita Dongre iintr-pret. She now occupies more than 85 stores, one of which has recently opened in Mauritius. “The one key reason why designers in India haven’t been able to scale up because they lack a CEO or business head who can manage their creativity and make it commercially viable” says Arun Gupta, President Future ventures which owns 22.86% stake in AND.” There might be a lot of designers who are more creative than Dongre, but not everyone has the potent combination of creativity and management”. Anita Dongre has turned what began from 2 sewing machines to a fashion empire. She feels that she still has challenges to face and has a lot to achieve. After launching her first foreign store, now she plans to open up more stores in foreign countries, thereby expanding her geographical limits. Anita Dongre has been a philanthropist, and she is working for the development of women in Rajasthan and the culture they
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live with. She feels that it’s better to develop the skills of women so that they can earn their whole life rather than donating some amount and then they will be back to the same situation. When asked about the glass ceiling, she believes that it has gone, there are women heading every sphere and profession. Women are here; chances that were denied earlier have opened up now and women have proven themselves. In a male dominated society like India, Anita Dongre is a perfect example to prove that women in India are equally important .as she says, “You have to be passionate, driven and always remember that there is no shortcut to success. Creativity is a work in progress, so continue to enhance it and never confine it”. Anita has set an example and is a motivation for all women entrepreneurs in India. She has won many awards and has brought laurels to the country. Indian women now need to come up with new ideas, innovations, and start-ups and be a major part in the growth of the country’s economy. With the government now being very supportive, and helping entrepreneurs in the best possible way, women in India can now be the leaders; they can surely be the path makers!
Indian enterprise and the difficulties to India’s development BUDHADITYA, hospitality head Indian entrepreneurship
The Indian state makes Indians entrepre-
neurial, as to overcome fundamental limitations and succeed with what we have we need to improve and extemporize. This article will depict how the Indian Family Business and its entrepreneurial soul assume a vital part in India’s development. In the first piece of the article, I examine its qualities and survivability in the worldwide environment. In the second segment, I talk about the difficulties – debasement, terrorism, and unfinished financial changes — that India appearances and their effect on outside organizations that need to put resources into the nation
Before 1991, Indian business achievement was an element of aspiration, licenses, government contacts, and a comprehension of the bureaucratic framework. Choices were in light of associations, instead of the business sector or rivalry. Business objectives mirrored a continuation of the “Swadeshi” development, which elevated import substitution to accomplish monetary flexibility from the West. Pre1991 arrangements were internal looking and equipped towards the achievement of independence. Amid this period, enterprise was quelled, capital was constrained and India had not very many examples of overcoming adversity. Also, society was danger opposed and the individual searched essentially for livelihood soundness. In 1991, the Indian government changed the economy, therefore changing the aggressive scene. Family organizations, which ruled Indian markets, now confronted rivalry from multinationals that had prevalent innovation, money related quality and more profound
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administrative assets. Subsequently, Indian organizations needed to change their center and re-situate their viewpoint outward. A couple existing Indian business families adjusted to the new monetary strategy while others battled. Essentially, another type of business was conceived, one that concentrated on ICT (Data and Correspondence Innovation) and made riches for proprietors and representatives. For the old business houses, achievement had originated from the affectionate joint family structure that cultivates family values, cooperation, perseverance and coherence. Under this structure, eras lived and cooperated under one rooftop, reaffirming the Weberian values and trust that have assembled effective organizations. Riches from the organizations bolstered the joint family by giving a social wellbeing net to individuals. In the structure, organizations and families were interlaced however they were additionally unmistakable substances with partitioned standards. Subsequently, survival of the family got to be synonymous with the survival of the business. Liberalization, be that as it may, changed the very way of the joint gang. In the event that vast Indian organizations were to succeed, the family would need to re-arrange itself to contend in a worldwide, focused environment. Post liberalization, IT organizations succeeded on the grounds that they were client centered and professionally overseen. The old, family-oversaw organizations, which shaped the foundation of the economy, expected to advance and get to be more institutional, if they somehow managed to expand their life cycle. Beneath, utilizing the Indian mythology trinity of creation, protection and pulverization, I clarify the progressions that family organizations would need to make underneath.
Brahma: Creation Cycle
After liberalization, business opportunities in India were complex. A decent number of business visionaries seized them and devel-
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oped from little scale foremen to substantial land engineers, and from wholesalers to producers. Achievement turned into the after effect of proficient capital assignment, solid execution and a client introduction. Today, organizations have entry to wander and development capital, gave that their stories and plans of action are sensible. In the pre1991 Permit Raj period, capacities, for example, make and convey items to the business sector were the Key Achievement Elements, without respect for the client and different efficiencies. Liberalization likewise acquired the time of Saraswati [Goddess of Adapting in Indian mythology]; organizations would now develop in light of the fact that they had learning, , not due to whom they knew. One sample is N.R. Narayana Murthy, who helped to establish Infosys Ltd. in 1981, with a starting capital of INR 10,000 (CDN$ 250.00). At Infosys, he and his group composed the Worldwide Conveyance Model, which additionally established the framework for the learning business. Narayan Murthy’s vision gave a fillip to the IT benefits industry, making and empowering the passage of a few new IT organizations.
Vishnu: Preservation Cycle
To keep up business development, Indian business visionaries need to isolate working control of the business from helpful possession, relieving business and family progression dangers. Yet, in a male-driven society, individuals are hesitant to give up working control and standardize forms. Subsequently, there are couple of expansive, organized and professionally oversaw establishments in India. Indian organizations need to move from an entrepreneurial-driven, unstructured society to one commanded by expert chiefs. Administration control ought to rest with experts, as they find themselves able to perform all the more effectively; valuable possession can keep on resting with the proprietors, who can in any case give the vision and
associations, and appreciate the natural prod- expanded. In 2006, Corus, an Old English Dutch ucts [increase in firm valuation] of productive steelmaker acknowledged a US$7.6B offer by administration. Tata Steel, the Indian steel organization. This permitted Tata Steel to turn into a worldwide On the off chance that a more youthful era pioneer in the steel business as opposed to wishes to assume control over the business, keeping on remaining a vast residential steel then clear criteria can be characterized to focus maker. Once an obtaining target, Tata Steel has their qualification to succeed their senior citi- itself developed into an acquirer. zens. These criteria could incorporate necessities to work in center administration, work Shiva: Destruction (Exit) Cycle crosswise over divisions, work in review, and Proprietors ought to leave their business in the have a top notch training. Progression should event that it is not proficiently overseen or in likewise consider the changing part of ladies the event that it gets extraordinary valuations. and their craving to be included in the business. A control-and-hold conduct will essentially not On the off chance that a legitimate progression empower achievement. We have seen that a arrangement is not created and actualized, couple of proprietors, Malvinder & Shivinder nepotism and stagnation will come about. Singh, and Ajay Piramal, for instance, both in Basically, corporate administration with a clear possession structure that mixes viably with the expert leaders [e.g. CEO] can procure advantages for all partners. This will permit business visionaries to fabricate bigger foundations.
the pharmaceutical business, have effectively sold their organizations.
As organizations develop, entropy will just increment. The irregularity will be hard to oversee if a formal family structure is not set up to address the issues of the cutting edge. Then again, if parts and obligations of the cutting edge are characterized, and proficient administration (wherever fundamental) assumes control, conclusion of the business can be dodged. As it is said, an absence of liquidity can bankrupt a firm; also, the absence of a fitting family structure can compel a business to close after the original ways out. Along these lines, Indian proprietors need to make the move from being proprietors to shareholders.
Sunil Mittal, an original business visionary, indentified an opportunity in portable telecom. In 1994, Mr. Mittal effectively offer for a telecom permit , and administrations were dispatched under the brand name AirTel. The plan of action was inventive –IT administration administrations and equipment (telecom towers) were outsourced to merchants. Settled expenses were changed over to variable expenses. Mr. Mittal had the capacity professionalize the association early, something that helped him construct a bigger foundation. Therefore, As shareholder quality expands, the free income India now has one of the most reduced evalu- can be put resources into new activities that ated telecom benefits on the planet. empower the new eras to apply their abilities. We require not discard the attributes of the The Burman Family, which possesses Dabur joint-family business – hard working attitude, Ltd. (buyer products organization), has is a capacity to manage differences, client center — decent case of a family organization that iso- yet to mix what has been found out about client lated administration from possession. It has a center and assorted qualities, for instance, into different Family Council that gives the vision an execution driven structure. At exactly that and heading, yet the regular administration point can the venture cycle of creation, saferests with the experts. The family has a formal guarding and obliteration. structure for corresponding with administration. Risks to India’s growth: Real but overstated The Indian entrepreneurial soul can just create As Indian organizations got to be proficient, and develop if the Indian economy keeps on chances to gain worldwide organizations growwing on a supportable premise. The dan-
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gers to India’s proceeded with development are terrorism, political defilement/stalemate, non-comprehensive development that concentrates just on the urban rich, and slowed down changes. What then is India’s danger premium?
united numerous disparate nations.
The Indian society is additionally flexible and ready to react sensibly to any terrorist exercises. As confirmation, Indian’s reaction to the November 26th 2008 terrorist assault in Mumbai was adjusted and controlled. I am As the venture cycle fortifies, outside organi- sure that, given India’s history and conduct, zations can put resources into India autono- we will stay united as a nation. mously or through associations. The organizations consider the political, financial and In the meantime, Indian organizations have family chances in their examination. From a demonstrated the entrepreneurial aptitudes scholarly’s point of view, the organizations and adaptability to develop notwithstandcan either diminish the normal money streams ing the difficulties. Case in point, an Indian or build the markdown rate to reflect hazard business person in Afghanistan is helping premium, however the modification are com- the administration to add to that nation’s plex. Nonetheless, I see interests in India as foundation. C&C Development Ltd, joined a vital choice. Beneath I examine the dangers by a gathering of experts in 1996, wandered and my comprehension of them. into Afghanistan in 2002. It has fabricated 700 km of streets, and works nearly with USAID, Terrorism: India is a stronger state because of the World Bank and the Asian Improvement its culture Bank. C&C Development will likewise work According to Wikipedia, “Terrorism in India nearly with the Indian Government to fabriis essentially inferable from religious groups cate the Afghan parliament building. and Naxalite [militant Socialist Group] radical developments.” I am not going to expand Political risk: Uncertainty will remain on the reasons for terrorism yet I would like India is an intricate nation with heap ranks, to inquire as to whether India as a nation will religions and dialects. The political gathersurvive and stay united notwithstanding the ings have advanced to address their needs loathsome exercises of the radicals. It can be and give the minority gathers a stage and a expressed unequivocally that terrorism makes voice that are heard at the national level. The vulnerability and postponements interests in not so distant will be portrayed by coalition any nation. Nonetheless, we have to appreci- legislative issues. It is far-fetched that both of ate a nation’s way of life, constitution and its the two noteworthy political gatherings – BJP past reaction to terrorism to consider and sur- or Congress – will win a greater part. This is vey its destiny. a reality, yet India has the experience to deal with the political procedures and contrasts Society is an expansive based word yet a capable idea. Society is established in myths, orga- It is obvious that a coalition government modnizations, TV, globalization, childhood, reli- erates the change process. Nonetheless, it is a gion and history. Nonnatives have attacked positive advancement, that, regardless of the India, however we have learnt to ingest and coalition government (lead by either BJP or absorb them into our general public. India Congress), we have stuck with it of liberalizahas the second-biggest Muslim populace on tion. There are no significant contrasts in the the planet. Buddhism and Jainism had their middle of Congress and BJP to the extent monroots in India yet just follows exist today, etary strategies are concerned, and both supas Hinduism consumed their teachings. The port financial changes. What’s more, as India’s Indian society is tolerant and can manage con- working class develops, the significance of trasts. The contrast in the middle of Europe religion and rank will reduce; the center will and India is that Europe is a mainland with be just on development. Monetary advancefree nations while India is one nation that has ment will improve India’s political scene and
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further enhance political stability
Economic reforms need to continue Development needs to proceed and India needs “… another measurement of change, went for business sectors for inputs, from power to work and area … They [1991 reforms] liberated markets for items.” [The Financial specialist, July 2011]. On the off chance that we are to keep on keeping up the development direction, the business sector for inputs needs to be changed. These are troublesome political choices and coalition governmental issues will make the procedure slower and troublesome.
comprehensive and steady of the monetarily impeded. The Left gatherings don’t bolster monetary changes. Their considerations are concentrated internal on how India can keep on growwing financially all alone. As the Left gatherings are a minority on the Indian political scene and the Congress and BJP political gatherings are steady of the financial changes, it is impossible that the change methodology will be wrecked. What then is India’s danger premium? I accept that it differs as indicated by one’s perspective. Governmental issues is an essential element that effects the venture cycle. Subsequently, it is fundamental that the Indian government location issues of debasement and proceed with the following period of changes to quicken the choice making methodology. Change will proceed yet at its own particular pace. I have watched that organizations that have taken hazard and adhered to a sound strategy for success succeed in India. They have both sold their products locally and traded ability and items.
It will be simpler for the legislature to address and repair old base through open private organizations. India is experiencing an auxiliary — not a recurrent — change; henceforth, the procedure is moderate and driven by the political methodology. We require interests in force, streets, ports and extensions. A critical zone of change is the force segment, as no industry can attain to an effective change without adequate force. This is the reason the Indian government It is hard to hose the Indian entrepreneurial needs to push through the changes on force era, soul. It has developed and contended in the worldwide business regardless of the controls transmission and appropriation. of the Indian government. Business visionarDebasement could be seen as one of the purpos- ies have demonstrated their capacity to adjust es behind the moderate pace of financial chang- to the changing monetary environment and es. Overspending on the Province Recreations arrangement absolutely with the instabilities and the Division of Telecom’s under-evaluating in the commercial center. Yes, the joint family of 2G ranges brought about overwhelming structure – the producing ground for business misfortunes for the exchequer. Indians’ dissat- visionaries – keeps on developing and contend isfactions were diverted through the Gandhian adequately on the planet market. Anyhow, if authority of Anna Hazare. The tranquil chal- that achievement is to be maintained, the monlenges were effective and the nation will get an etary changes will likewise need. autonomous ombudsman, the Lokpal (defender of the individuals), who will examine charged degenerate practices of lawmakers and civil servants. This shows the way that we have the foundations, administration and in particular, the grass root activism to successfully form choice making at a national level. This will make a positive domain for further monetary changes.
We additionally have the positive experience of the previous decade, for which both political gatherings, the BJP and Congress, were capable. Then again, future changes must be L’ENTREPRENEUR - IBS, Hyd 15
Going After a Trend-Setting Business Idea? How To Get It Right mehak narula Find your Niche: This calls for being unique and defining your brand that sets it apart from the rest lot. The product logo, tagline has to come out and shine in a way that identifies with your consumer’s needs and provides your business recognition at the same time.
Chasing current trends is a big risk in busi-
ness. In a competitive market, buying inventory for a high price and selling it for a lower price eventually leads to a situation where one runs outs of business. Then, there is a lot of copying what others are doing, even reading the same articles as you are. Setting a trend is much more beneficial thus than following one. Creating ideas by analyzing the demand cycles and what would be profitable in the short and long run. Creativity is the key factor when it comes to being a trend-setter rather than a trend follower.
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There is no such thing as “No Competition”: Even if you have a unique product that no one is currently selling in the market, there will be many indirect competitors out there or even idea stealers so to say that will pose competition one way or the other. The main fundamental here is that you know your highs and lows and thereby showcase your business in a way that no one can question its authenticity. Be ready to be questioned still (Just Saying).
Choosing a “Safe Industry”? When you are tapping into trends, you will find that the food, fashion and entertainment industry are more profitable. Go after a cyclical trend doesn’t call for cash run out.
This doesn’t mean you opt for a business line that runs all year round. Every business has a drop point sometime or the other but they know when that drop point is near and the measures needed to be taken before. We know that Pepsi-Co and Coca-Cola are in a life-long fight for the bottled drink but they come out with various products then which set each other apart distinctively.
Are You Setting A Trend or Is It Already Out There?
Time in and time out you will have to regularly check if any other similar product has been or is being launched. Are you really setting a trend or is the trend going to swallow you in. Staying pro-active is what it calls for every entrepreneur in such case. Industry watch and updated trend changes which are Setting Costs and Margins: bound to occur no matter what, your business should be ready and immune to all changes Opt for services and product cost base which beforehand (well at least to most of them that is low and sell it for an optimum price that stop down-run). adds profit to the customer as well as to the business. Following Trends or Setting Them, Know
Hire Innovators and Creators: Staff people who are creative in their approach, basically who have a set of unique ideas every time you approach them. A strategic planning team where there are brainstorming sessions, current or unemployed tactics discussion and various other parameters which call for outof-the-box thinking. A research and development team does wonder if they are bent on creative side as well.
Knowing Your Customer Base: It is of utmost importance that you know your customer base well. Tailoring the products and services in accordance with what most customers need and require only comes when there is either direct interaction with your customers (as in an offline store) or through analyzing through analytics tools with respect to an online business.
none last forever: You are a leader and an innovator, then following a trend is not your nature. Keep in mind that all trends change and they don’t last forever. Track demographics, customer choices, big-data and save yourself from the hassle when there is a change about to happen. Insights to all product line changes and whatever is needed in time is a sure roundabout which is better than a twist that you were never ready for. Thus set the trend and stay prompt to deliver the best!
Again your R&D team can provide help in researching and surveying to find what your customers are looking out for or if they are satisfied with current offered products/service; If bounce rate of users high/low is posing a threat to the business or not and various other factors as such.
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review sense Crystal d’souza, pr head
PERCEPTION! That’s all it takes to make or
break your business. The positioning of your company can make you millions. It also can bring it down for you too! In this modern day and age the main tool used to make assumptions about your business is the internet. Before anyone decides to buy any product they check the reviews of that product. We all have done it and that has been a major force behind buying any product. One bad review leaves us skeptical. 3 bad reviews means the product is a definite no go. So how do you deal with these disapproving people and how do you improve on the digital image of your product. First of all try to keep a good reputation. For this you have to start addressing your own employees because most bad reviews are caused by disgruntled employees. Ensure that their issues are aptly heard out in a safe
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place where their opinions do not create consequences like an anonymous feedback forum. After the internal aspects are given its due then it’s the consumer that gets your full attention. Create a sounding board where customers can make suggestions and recommendations. The book ‘Customer in the board room’ by Rama Bijapurkar talks about how important a customer is. Every strategy and decision made is done so by keeping your customer in mind. Also installing a review widget can help identify where your customers place you as most do not have the time to post a suggestion or even a complaint. When bad reviews have already come your way there are a few simple things that will help you place yourself. First of all identify who is attacking you , is it an annoyed employee or a genuine customer. Like I said before if it’s an employee then ensure that they have a safe place to vent. When you have a bad review from a consumer, ensure that you swiftly reply and keep talking , ensure that the customer knows that you’re dealing with the issue and give alternatives to make his/her life easier. Know that if you communicate with them directly they know that there is something happening on their front and the customers are satisfied. Watch out for hashtags. Hashtags have become a common way to search or identify .Words like #ama-
zonFails #komen have become so popular. Yelp.com , Burrp.com and other similar sites have become platforms for reviews . These sites lead to first impressions .It helps build or break business. Yelp leads to 5-9% increase in revenues. 58% share reviews of which 95% share bad reviews. 45% share reviews through the social media. 16% of restaurant reviews are fraudulent. 24% change their mind to buy a product after a bad review. 39% don’t buy after 3 bad reviews. It has been started that 70% of buyers trust online reviews. And one bad review can cost you upto 30 customers. So how do you beat a bad review? You monitor your product through means such as google alerts and the likes. Also claim your page on sites like Burrp. Also keep it private while dealing with your unsatisfied customers, so that even if it gets ugly it just remains with the employee. Also last but not the least, respond appropriately. Another thing could be to attract good reviews. This can be done through loyalty programs or even conducting surveys. One bad review counter matched with several good reviews can alter opinions in the favor of the business. Also providing links to review platforms to loyal customers can help push them towards the review. Again , I feel the need to clarify , that you are just placing elements in such a way that your loyal customers post the review and you are not buying them. Buying rav reviews to better your business is wrong and yelp also gives a 90 day slap down if found out. Yelp even follows IP addresses where if you try to make customers make reviews for you by placing a tablet in front of them then you will be found out.
ers. Their objective to make a smartphone - ‘one that marries fast, high-end hardware with equally high-end design ‘. They build a forum which was passed around by word of mouth where you could only install the app if you have referral code of an existing user. In this way only serious customers were permitted to the forum who gave valuable input for the updation of their beta version. Of course the final product now is available to all but the technical aspect of it has become flawless and it now has loyal customers in the ‘geek’ category. Blackberry failed to see that consumers now preferred touchscreens to the full keyboard that blackberry insisted on keeping. When it did adopt touchscreens it was seen as a poor imitation of android and other smart phones. The image of Amazon has also taken a toll. When it introduced PrimeDay scheme it did not take into account the effectiveness of the scheme. It gave outdated products and did not take into account customer convenience .Due to all these factors hahtags like #primefail and #amazonfail became extremely popular and content was even created on these fails . In conclusion , your awareness of your online presence plays an important role. The key is to keep your customers happy. Doing this boost your business image . We live on the opinions of others . You deal with the few correctly and your intake increases 10 fold.
There are now a few companies who are banking on reviews to make their product. Take OnePlus who is a smartphone manufacturer who got established as recent as December 2013. They build their OnePlus One model by reviews from their custom-
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Crowdsourcing: A changing way to meet the dynamic times! omkar tawade, editor in chief initial investment for their venture. Of course there is a bootstrap attached to such form of initial and timely updated investment. Well that’s not the topic for today’s discussion! It will all be focused on a non-traditional form of investment which has taken up speed recently and is up for grabs. It is crowdfunding!
O
ften an aspiring idea gets halted as and when the topic reaches the funding part. One must understand,Capital is as important as the generation of an Idea. There have been angel investor and venture capitalist ready to invest in one’s firm over the years. Off late many new startups take the seed funding from such investors and deem it to be the fittest form of
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Crowdsourcing is the process of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, and especially from an online community, rather than from traditional employees or suppliers. “Crowdsourcing is an not marketing—capability. thing your CEOs need to – Sean Moffitt,
executive— It’s someengage in.” Wikibrands
Just as the internet played a role in the evolu-
tion of the word, social media is transforming the way we think of crowdsourcing and will continue to do so as the benefits of using social media to crowdsource become more wellknown. Social media is becoming an essential component to crowdsourcing as it allows organizations to reach a wider audience faster, cheaper and more efficiently than ever before. Managers often have to trade off with the advantages and limitations of crowd funding. For example the manager has to answer questions like, “Is the intellectual property right breached?”, “What about the costs involved?”, “Is the process absolutely refined so as to get the perfect solution to the problem?” It is obvious that these questions may sound stressful to the decision makers. But excluding crowdfunding as a part of the innovation process would mean losing out on an opportunity. A decade long study by the Harvard case study researchers across fields ranging from genomics, engineering, operations research to predictive analytics, video games , mobile apps and marketing has shown that the crowds tend to outperform the internal organization of researchers.
the crowd’s co-ownership of your brand.” – Shelley Kuipers, Chaordix In order to propel its growth, Apple has sought the help of its large base of users and developers to enhance its products by developing apps and podcasts. The success stories of crowd funded projects have been on a rise in the recent times, but considerably the advantages of it are taken by very few. Managers often face the dilemma and are observantly cautious to let out the process of innovation in the hands of the outsiders which not only seems unnatural but also risky, especially when the organization was built on internal innovation and ideology. “Crowdfunding is not about financing.” – Karsten Wenzlaff, German Crowdfunding Network Crowdsourcing has still not established its roots in India but is quite prevalent in the western world with successful startups managing their funding by a way of crowdfunding.
“You don’t own your brand anymore. Honor Many sites promoting such startups can be
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seen getting along quite well.There is an example of Threadless.com which provides a common base for many participants to design a T-shirt of their choice for a desired sum of money which the participants earn on winning the competition.How does this work? Would be a sure question in the minds of many. It is quite simple. Threadless.com is a website which pools in all the designs of T-shirts which are submitted by the designers as a part of the competition. Now these designs are shared by the participants so as to have the maximum visibility across different social networking sites.Threadless does not require designers to follow any parameters to reach one desired end-product, but the model still depends on a constant flow of quality designs and social media is essential to that flow. The competition concludes by selecting the design which has received the most number of views and the participant designing that particular T-shirt wins $2500 as a part of the competition prize money. How will Threadless.com earn from this? Would ideally be the next chronologically suitable question.Threadless.com gets the rights to sell this very design as a part of their brand across various established markets and earn profits. Also due to the vast market created by Threadless.com as a part of their marketing gimmick, they end up having a ready Total Addressable market (TAM) without much effort and ready awareness for the product works wonders for the company.
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“Mass collaboration is the future of competitive advantage in business.” – Nick Wright, Crowdicity There is an institute in the US by the name “National Archives and Records Administration (NARA)”, launching a similar crowdsourcing pilot program that would allow anyone, anywhere to look at a scan or photograph of a historical document andwrite down what it says, a process known as transcription. This information would then be shared with others, who could add to the work or correct it. There is a process of citizen review, and ultimately someone at the institution takes a look. In a sense, it is like Wikipedia, another crowdsourcing operation. In this case, no account need be set up, and you need not have formal training. You visit the site and hit the ground running. With Twitter’s announcement a few days back, that it would use crowdsourcing to translate twitter into several languages, the topic of crowdsourcing is abuzz in the social media world. Crowdsourcing is alive and well and will become a more acceptable and widespread method of developing end-products once additional success stories of using social media to drive campaigns emerge. In both examples, social media monitoring play an important role in the success of the campaigns. The full potential of crowdsourcing has yet to be tapped, as it is still relatively young, but both of these examples serve to demonstrate that potential by showing how social media can be used to accelerate and grow these promising campaigns.
Entrepreneurship : The hegemonic way of life Siddharth Dangi are completely common in all the businesses.
T
he nuances of the field of entrepreneurship never seize to amaze the traditional and evolving audience, yet this field is the most as well as the least explored in terms of appliance.A creative Doodle turned into an million dollar ad agency. A bus which was missed caused a million dollar e commerce start up. And that’s how they began; each one of them. Think about it today there are more than 3100 start ups in India and the growth rate annually is 800 plus since the last 3 years says Nasscom, and by 2020 there would be 11500 startups creating employment of over 2,50,000 people. In contrast to these ideas and evolutions in the field of business, there have been various factors influencing the economy in terms of growth, development and advancement which
But we often miss out the most important factor of dependabilityand how there is a sense of affectivity in between theses running startups and how do they affect the working of the ideologies of economy. Interestinglythere seems to be a pattern in the working of all the start ups from the smallest to the biggest multi million /billion dollar established ventures. The fine balance you can call it. You can grab it just by being observant. To make in simpler let me give you an example, keep in mind the following ventures Redbus, Zoom cars, Housing, Momoe, Alma mater. To just give you a brief up redbus are into transport, zoom cars are into self driven car rentals, Housing are into rentals, selling property and land. Momoe is an app for online payment of any bills and Alma mater is into customized apparels like t shirts &hoddies. These are some of the very diverse sectors, but the affectivity of each other on each other is pretty obvious to an extent that it affects their market values and market shares. And hence it can give us a sense of predictability in terms of howentrepreneurial business would perform L’ENTREPRENEUR - IBS, Hyd 23
well in the market and when. This is by taking into consideration all the contributing factors of one business to another. Redbus would do extremely well if housing has lot of rentals in the specific drop location. And so would housing when Redbusprovides them the reach of customers and because of this the demand for zoom car rentals would increase as people wouldexplore and travel form hotels.
spread bed sheet which is stretched, now if I were to place a heavy metal ball in the middle and now move the 4 corners the ball would move and the surface area affected by the ball under and around it would be the flow of Matter form one place to another. Keeping in mind the 4 corners, they can represent any factor in time like political, economic, social etc which significantly work together and are never stagnant. As stagnation would lead to It was 2012, when I got in touch with Varun the evaporation of that matter into oblivion. Agarwal, who started Alma mater, one of his This is a self reliant prophesy or an ideology most successful start ups was still upcoming which is at then and I was one of his very first customers to give him a order of 700 hoodies for my col- Constant and practically not possible to stop; lege. And we got talking about his venture and giving it Life. An ecology of its own with when I asked him where do you make these? thoughts, feelings, emotions and the ability to He replied saying there is this guy outskirts think causing a severe evolution which would of Bangalore who’s got a huge manufactur- not only restrict itself to profit but also wellbeing unit who takes orders and makes them, ing. Hence diversities of this field give it life hes started it recently too. So he said we’re the rather than just restricting it to a practice or brain and he’s the body we both need each a concept making it a way of life. In the end other. Entrepreneurship would behegemony of its own unconsciously subjected into us by that So what am I trying to establish here? Well let Matter which now flows between us. me clarify I am not establishing anything. I am rather stating what is already established and the main focus of article being how important it to continue this. Keeping in relation the flow of such energies between these businesses and how they affect each other its important how that energy would find its way to another and continue. As the flow of it would curtain the discrepancies in the field and keep it balanced. And hence they need Networking to help ease the flow of the ever travelling and non pausing energy of “Matter”. Think of this as a big 24 • L’ENTREPRENEUR - IBS, Hyd
Mark Hughes “Changing people’s life” vaibhav gupta were divorced in 1970 and his mother retained his custody. Hughes had a struggled a lot in adolescence. At the early age of 19, on April 27, 1975 he received news that his mother had passed, because of prescription medication overdose.
Do you agree with the perception that ‘your
success is only limited to your imagination’? If yes then shouldn’t one acknowledge the person who came up with it? Meet Mark Hughes, an entrepreneurial luminary who was left slightly unnoticed until now. The analogy lies with Nicolas Tesla, who again had obtained several vital patents but one of which we are aware about. In so doing, who is Mark Hughes? Mark Reynolds Hughes (1956 -2000) was an American entrepreneur who was founder, chairman and CEO of Herbalife International Ltd. Mark was born at Los Angeles County, CA. His parents, Stuard Hartman and Jo Ann Hughes
Mark Hughes founded Herbalife in 1980 in response to the premature death of his mother who accidentally overdosed on a combination of prescription dieting pills. As she was a model and, like many in the industry do, she kept struggling to maintain her weight within a certain range. Mark thought that there should be a safer way to achieve healthy nutrition and weight loss and so made it his mission, in memory of his mother, to research and formulate a nutrition product of the highest safety standards and effectiveness. After months of hard work and meeting with top scientists in the field he came up with Herbalife’s first and most widely recognised product – Formula 1 Nutritional Shake Mix – it’s still the keystone of Herbalife today, 31 years later.
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Life Changes In 1976, Hughes made his first entry into the business world, selling Slender Now, a weight loss product made by Seyforth Laboratories. Despite that Company failed three times in business, Hughes was one of its top sales representatives. After Seyforth, Hughes used his sales skills to sell exercise equipment and weight-loss products for another company before deciding to forge his own endeavours. At the age of 24, Mark, a high school dropout, partnering with ‘Slender Now’ colleague Richard Marconi, founded Herbalife in 1980. The company began simply, with Hughes selling Herbalife’s herbal weight-loss meal replacements from the back of his car. He adopted the multi-level marketing structure that was used by Seyforth, in which independent distributors bought products at a discount and then sold them to their customers; the company started building a network of around 750,000 independent distributors. Five years later, the company hit $500 million in annual sales. Hughes had become a millionaire before the age of thirty.
Social Responsibility
Family Foundation, have donated more than $5 million to children’s causes worldwide. HFF had partnership with charities to help them meet the nutritional needs of children at risk and provides funds to organizations assisting victims of natural disasters. It is a global non-profit organization working in communities around the world. In 2007 the Herbalife Family Foundation established the HFF Humanitarian Award to recognize Herbalife Independent Distributors who personified the foundation’s mission and, through their outstanding involvement and dedication, have made a significant contribution to changing lives though community service. The honouree is announced at the Herbalife Honors event. Today, Herbalife supports the Herbalife Family Foundation (HFF) and its CASA Herbalife program which provides funding to improve nutrition to charitable organizations taking care at-risk children around the world. HFF also supports disaster relief efforts around the globe, and have helped raise funds to reconstruct damaged areas of communities and to help evacuate survivors.
Challenges
Success didn’t come without disadvantages, In 1994, Mark and Suzan Hughes started however. In the mid-1980s, Herbalife was the Herbalife Family Foundation(HFF), a sued by the FDA and the State Department charity dedicated to helping children. The of Health. The various agencies brought a Herbalife Family Foundation and its sis- variety of controversies that included claims ter organization, the International Herbalife that Herbalife was making medicinal claims
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without proper regulation, and their claims of efficacy were not found. In 1986, a settlement was reached & Herbalife agreed to pay $850,000, which the largest settlement attained from a health products company up to that point.
billion in 2013. Herbalife pursues profitability and growth to increase shareholder value. “You can conquer anything in your life if you want to if you just keep working on yourself.”
Herbalife Now Hughes died on May 20, 2000, of an accidental drug overdose. Herbalife continued to grow after his death, seeing record retail sales of $7.5 billion in 2013 through a multi-level marketing plan including 2.1 million Independent Distributors in 91 countries. In 2003 Herbalife awards a grant to the University of California, Los Angeles (UCLA) to establish the Mark Hughes Cellular and Molecular Nutrition Laboratory, in the memory of Mark Hughes. To reinforce the importance of a healthy, active life, Herbalife sponsors more than 250 athletes, teams and competitive events around around the world. They include Cristiano Ronaldo, Virat Kohli, MC Mary Kom, Saina Nehwal, Dipika Pallikal, Girisha Hosanagara Nagarajegowda, Heena Sidhu, the LA Galaxy and the Vietnamese National SEA Games. Currently under the leadership of Chairman and CEO Michael O. Johnson (Former president Walt Disney served for 17 years), Herbalife is a New York Stock Exchange publicly listed company with net sales of $4.8
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DISCLAIMER: The views and opinions expressed in the article are soley those of the author and donot necessarily reflect the official policies of the Cell. Reasonable Care has been taken to provide accurate up to date information at any time of publication , L’Entrepreneur does not take any responsiblity of the decisions or outcomes based on the content herein. No part of the magazine is to be copied , stored or format without the prior permission of MAÇON The Entrepreneurship Cell of IBS Hyderabad. For any feedbacks and comments mail us at: ecellhyd@ibsindia.org Connect with us at: https://www.facebook.com/TheECell . Our Website at: htttps://theecell.org. You Can access our Exclusive videos Interviews at:
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